Progress Software (NASDAQ:PRGS) Releases FY20 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its FY20 earnings guidance on Thursday. The company provided earnings per share guidance of $2.73-2.80 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.84. The company issued revenue guidance of $428-438 million, compared to the consensus revenue estimate of $439.13 million.Progress Software also updated its FY 2020
After-Hours guidance to 2.73-2.80 EPS.

NASDAQ PRGS traded up $1.61 on Thursday, hitting $34.85. 1,099,984 shares of the stock traded hands, compared to its average volume of 469,805. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.86. The stock has a 50-day moving average of $38.13 and a 200 day moving average of $40.72. Progress Software has a twelve month low of $28.09 and a twelve month high of $52.50. The company has a market capitalization of $1.47 billion, a P/E ratio of 60.09 and a beta of 0.89.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Thursday, March 26th. The software maker reported $0.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.06. The business had revenue of $113.76 million during the quarter, compared to the consensus estimate of $105.20 million. Progress Software had a return on equity of 32.03% and a net margin of 6.39%. The business’s quarterly revenue was up 27.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 EPS. As a group, equities research analysts expect that Progress Software will post 2.48 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date was Friday, February 28th. Progress Software’s dividend payout ratio is presently 28.82%.

Progress Software announced that its board has authorized a stock repurchase program on Thursday, January 16th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the software maker to buy up to 11.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

PRGS has been the topic of a number of recent research reports. Benchmark reissued a buy rating on shares of Progress Software in a report on Monday. Zacks Investment Research lowered Progress Software from a buy rating to a hold rating in a report on Thursday, March 19th. ValuEngine upgraded Progress Software from a sell rating to a hold rating in a research report on Friday, March 13th. Finally, BidaskClub downgraded Progress Software from a buy rating to a hold rating in a report on Thursday, March 5th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $53.00.

In other news, CFO Paul A. Jalbert sold 708 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $48.00, for a total transaction of $33,984.00. Following the completion of the transaction, the chief financial officer now directly owns 34,896 shares in the company, valued at $1,675,008. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles Francis Kane sold 7,500 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $44.91, for a total value of $336,825.00. Following the completion of the transaction, the director now directly owns 78,243 shares of the company’s stock, valued at $3,513,893.13. The disclosure for this sale can be found here. Insiders have sold 20,417 shares of company stock valued at $936,696 in the last 90 days. Insiders own 1.70% of the company’s stock.

About Progress Software

Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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